Shares of KEC International Ltd, an RPG Group firm and a global infrastructure major, crashed 6% on 19 November after the company announced on Tuesday, 18 November, that it had received a letter from Power Grid Corporation of India Ltd (PGCIL) informing it that it had been barred from participating in PGCIL tenders and receiving contract awards for a period of nine months beginning 18 November 2025.

Power Grid Corporation of India’s action stems from an alleged breach of contractual restrictions related to an issue previously reported to the stock markets on 24 March 2025. The business stated that the restriction will not affect any existing Power Grid Corporation of India projects that are already underway.

KEC International stated that the company is considering different options, including legal action and petitioning the Power Grid Corporation of India for reconsideration of the judgment. The company also stated that it does not expect any substantial impact on its operations or financial position, noting a large order book and a robust tender pipeline.  

The company asserted that it adheres to the highest standards of corporate governance, ethics, and compliance and conducts its operations with integrity, transparency, and conformity to applicable laws and regulations.  

At 12:51 pm, the shares of KEC International were trading 6.17% lower at Rs 733.50 on NSE.

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